Thailand to Block Unlicensed Crypto Exchanges 'To Tackle Online Crime'!

Crypto is a type of digital currency which is done online based. These currencies are traded on an online basis where the information of the trader is kept private. And using this opportunity, various types of crimes are constantly happening. These transactions are carried out in various criminal activities ranging from money laundering to terrorist financing. Moreover, scams like money laundering happen through crypto. So these digitals are legal in many countries but they are strictly banned in many countries. Thai authorities have recently announced that they will block unlicensed crypto exchanges from operating in the country to prevent money laundering and other online crimes.

Even though such criminal activities are done, many countries are not able to control them and central banks are not supervising. So these criminal acts are happening regularly. Therefore, to prevent these criminal activities, the Securities and Exchange Commission (SEC) of Thailand will submit a list of unlicensed crypto exchanges to the Ministry of Digital Economy and Society. A few days ago, the Thailand Security and Exchange Commission said in a meeting about this, and after the meeting, the Secretary General of the Thailand Security and Exchange Commission issued this order.

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However, Thailand's Securities and Exchange Commission has decided to block all unlicensed companies, inspired by India and the Philippines. which recently banned all off-shore exchanges that failed to comply with local regulations But before taking this decision, they must consider and give time to these unlicensed exchanges to withdraw the money of their country's citizens. Thailand's Securities and Exchange Commission has urged crypto investors to withdraw their funds from unregistered platforms.

However, the SEC has issued guidance to the public and investors and asked them to exercise caution. They asked citizens in their countries to be careful about using services with unlicensed digital asset trading operators and they also said that we want to warn investors in our country because these unregistered exchanges will not be protected by law. And they also stated that there is a risk of investors being cheated (scam) and money laundering (involved) through these unregistered exchanges.

However, citizens of their countries are asked to use an application to understand whether these exchanges are unregistered or registered. Authorities have advised investors to verify whether the exchanges are legitimate or illegitimate through the Check First application before investing. But a very important point is that the popular exchange site Binance is still unregistered in the country and the Thai authorities have said that this popular exchange is yet to register and will be shut down if the ban comes into effect.

We know these digital currencies are still unregulated. Moreover, they are a digital currency through which transactions can be done from one end of the world to the other with complete privacy. And such benefits are taken by various dishonest people. Those who use these facilities engage in heinous activities like money laundering and terrorism financing and commit crimes like money laundering. Therefore, Thailand Security and Exchange Commission has taken such initiatives to prevent all these crimes. And with that they announced to close all the unregistered clubs in their country.